Adage Capital Partners GP L.L.C. Acquires Shares of 240,200 Apogee Therapeutics, Inc. (NASDAQ:APGE)

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Apogee Therapeutics, Inc. (NASDAQ:APGE - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 240,200 shares of the company's stock, valued at approximately $10,881,000. Adage Capital Partners GP L.L.C. owned 0.53% of Apogee Therapeutics at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of APGE. China Universal Asset Management Co. Ltd. raised its position in Apogee Therapeutics by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,547 shares of the company's stock worth $432,000 after acquiring an additional 892 shares during the last quarter. Arizona State Retirement System raised its position in shares of Apogee Therapeutics by 17.3% during the 4th quarter. Arizona State Retirement System now owns 6,517 shares of the company's stock worth $295,000 after purchasing an additional 960 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Apogee Therapeutics by 8.9% in the 4th quarter. New York State Common Retirement Fund now owns 12,187 shares of the company's stock valued at $552,000 after buying an additional 1,000 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Apogee Therapeutics by 4.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,555 shares of the company's stock valued at $1,736,000 after buying an additional 1,212 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Apogee Therapeutics by 3.4% during the fourth quarter. Rhumbline Advisers now owns 52,720 shares of the company's stock worth $2,388,000 after buying an additional 1,750 shares in the last quarter. Hedge funds and other institutional investors own 79.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on APGE shares. Guggenheim reaffirmed a "buy" rating on shares of Apogee Therapeutics in a research note on Monday, February 10th. Citigroup began coverage on shares of Apogee Therapeutics in a research report on Thursday, March 13th. They issued a "buy" rating and a $95.00 price objective for the company. Finally, Wedbush restated an "outperform" rating and set a $90.00 target price on shares of Apogee Therapeutics in a research report on Tuesday, March 11th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $92.17.

Apogee Therapeutics Stock Up 2.3 %

Shares of APGE traded up $0.92 during mid-day trading on Friday, hitting $40.12. The company had a trading volume of 616,313 shares, compared to its average volume of 516,155. Apogee Therapeutics, Inc. has a 1-year low of $26.20 and a 1-year high of $63.50. The business's 50-day simple moving average is $35.65 and its 200-day simple moving average is $42.14. The stock has a market cap of $1.80 billion, a PE ratio of -16.58 and a beta of 1.70.

Apogee Therapeutics (NASDAQ:APGE - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($1.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.94) by ($0.25). On average, sell-side analysts expect that Apogee Therapeutics, Inc. will post -3.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Carl Dambkowski sold 3,520 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $40.69, for a total value of $143,228.80. Following the completion of the sale, the insider now owns 252,623 shares of the company's stock, valued at $10,279,229.87. This represents a 1.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Thomas Henderson sold 10,000 shares of Apogee Therapeutics stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $30.15, for a total transaction of $301,500.00. Following the transaction, the chief executive officer now owns 1,292,987 shares in the company, valued at $38,983,558.05. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,970 shares of company stock worth $1,241,701 over the last three months. 36.10% of the stock is owned by insiders.

Apogee Therapeutics Company Profile

Apogee Therapeutics, Inc, through its subsidiary, operates as a biotechnology company that develops biologics for the treatment of atopic dermatitis (AD), asthma, chronic obstructive pulmonary disease (COPD), and related inflammatory and immunology indications. The company primarily develops APG777, a subcutaneous (SQ) extended half-life monoclonal antibody (mAb) for AD; and APG808, an SQ extended half-life mAb for COPD.